Carrizo Oil & Gas PT Lowered to $34.00 (CRZO)
Carrizo Oil & Gas (NASDAQ: CRZO) had its price target decreased by Canaccord Genuity from $35.00 to $34.00 in a research report sent to investors on Wednesday morning. The firm currently has a buy rating on the stock.
“We lowered our target price $1 to $34 per share due to a slightly higher NGL composition. Notably, our target price includes a value of $20K per acre for the company’s Utica Shale leasehold in Guernsey County. Early this year, Carrizo exercised its option to increase its leasehold in the Utica play to 17,000 net acres; approximately 50% of the acreage is in highly prospective Guernsey County. The company plans to drill its first Utica test in Guernsey County this summer.,” the firm’s analyst wrote.
Canaccord Genuity has also taken action a number of other basic materials stocks recently. The firm raised its price target on shares of Range Resources from $69.00 to $73.00. They have a hold rating on that stock. Also, Canaccord Genuity lowered its price target on shares of Swift Energy from $27.00 to $21.00. They have a buy rating on that stock. Finally, Canaccord Genuity reiterated its hold rating on shares of Southwestern Energy. They have a $38.00 price target on that stock, up previously from $37.00.
Several other analysts have also recently commented on the stock. Analysts at Oppenheimer cut their price target on shares of Carrizo Oil & Gas from $36.00 to $30.00 in a research note to investors on Wednesday. Separately, analysts at JPMorgan Chase cut their price target on shares of Carrizo Oil & Gas to $21.00 in a research note to investors on Thursday, February 21st. Finally, analysts at Zacks upgraded shares of Carrizo Oil & Gas from an underperform rating to a neutral rating in a research note to investors on Monday, February 18th. They now have a $21.80 price target on the stock.
Seven equities research analysts have rated the stock with a buy rating, three have issued an overweight rating, six have given a hold rating, and one has issued a sell rating to the company’s stock. The stock currently has a consensus rating of overweight and an average price target of $28.71.
Carrizo Oil & Gas opened at 23.49 on Wednesday. Carrizo Oil & Gas has a 52-week low of $19.04 and a 52-week high of $31.62. The stock’s 50-day moving average is currently $21.72. The company has a market cap of $932.2 million and a price-to-earnings ratio of 16.90.
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